Visa CEO: Cryptocurrencies Are No Threat to Visa, But if Needed, We Will Support it

Visa CEO: Cryptocurrencies Are No Threat to Visa, But if Needed, We Will Support it

Visa chief executive officer Alfred Kelly does not consider cryptocurrencies as a threat to his business right now but is prepared to employ crypto-friendly systems if the cryptocurrencies gain much traction. Speaking to CNBC host Jim Cramer on Mad Money, Kelly described the current state of crypto as more of a commodity than “a payment instrument.” Al

Visa chief executive officer Alfred Kelly does not consider cryptocurrencies as a threat to his business right now but is prepared to employ crypto-friendly systems if the cryptocurrencies gain much traction.

Speaking to CNBC host Jim Cramer on Mad Money, Kelly described the current state of crypto as more of a commodity than “a payment instrument.”

Al Kelly backed up his statements by saying that Visa will not be entering the crypto sector anytime soon. According to Kelly, Visa would wait for digital currencies to move from being more of a commodity to actually really being a payment instrument.”

“I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable.”

The Ceo further added:

“If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”

Although Visa itself has not yet jumped onto the crypto bandwagon, other companies, such as Hong Kong-based Crypto.com, have announced initiatives to issue pre-paid cryptocurrency Visa cards to the public. According to Crypto.com’s website, the Visa cards are already available to residents of Singapore, as the company prepares to expand distribution to more countries.